IKEA is doubling down on Manhattan.

The Swedish furniture giant announced this week that it will open a store in the former Nike outlet at 529 Broadway in SoHo after purchasing the building for $213 million.

Ingka Investments, the investment arm of Ingka Group, which owns most IKEA stores worldwide, snapped up 529 Broadway and will occupy about 25,000 square feet on the first and second floors of the building. The lower level will be used for storage and operations.

The upper floors will be converted into offices, with Ingka Investments operating the entire 53,000-square-foot property, according to the group.

“This marks Ingka Investments’ fourth acquisition of prime commercial real estate to support IKEA’s growth in the world’s leading cities,” said Peter van der Poel, managing direct

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